The world is changing, so should the financial services industry do. I am writing from personal interest in innovation and how the financial services industry could benefit from today's possibilities provided by technology and smart brains.

Tag Archives: Capgemini

My previous blog ‘The importance of a needs based segmentation strategy’ mainly focused on the importance of putting the HNWI customer in the center of the service model of a wealth management firm. Fact of life is that today 99% of the wealth management firms put the relationship manager in the center of their service model. I tried to summarize it as shown below:

This article in Wealthbriefing, based on an interview with Celent, describes Segmentation: ‘Product and services based on an increasingly diverse client base’. Firms are addressing all types of customer segments, going outside their traditional investor segment, and therefore require scale and technology. Retail banks are moving to serve the HNW customers, while private banks have lowered their threshold to serve more of the lower-end of the market. They describe exactly the issue if the industry, because lowering a threshold is not the answer on the industry challenge. I would say: A needs’ based segmentation strategy, where segments are built around the needs of the clients, instead of the Assets size of the HNWI’s should drive this change.Continue reading →

In short; The research describes the fact that good personal financial advice is preferred over digital interactions with customers. They are surprised by the fact that in the younger age group the digital experience score is lower than for ‘older HNWI’s’. To me this is not surprising at all due to the higher demand this group has towards digital. So the same experience scores lower within the younger age group.

Capgemini’s World Wealth Report 2013, based on research over 4400 HNWI’s globally, clearly shows the growing importance of these digital interactions. One of the key messages: The younger the group of HNWI’s researched, the higher the importance of digital contact is to them.

High Net Worth Individuals (HNWI’s), or millionaires, see their Wealth Manager (or bank, in this blog I continuously refer to Wealth Managers as such) as their most important service provider. Not surprising, clients need a sense of security with the Wealth Manager where they have entrusted their money. They expect Wealth Managers to act in their best interests. Many clients expect their banking products and services to be a commodity. The promise to protect and the ability to grow clients wealth is only part of what a bank should offer to promote customer loyalty.

The world is changing, so should the financial services industry do. I am writing from personal interest in innovation and how the financial services industry could benefit from today's possibilities provided by technology and smart brains.

The world is changing, so should the financial services industry do. I am writing from personal interest in innovation and how the financial services industry could benefit from today's possibilities provided by technology and smart brains.

The world is changing, so should the financial services industry do. I am writing from personal interest in innovation and how the financial services industry could benefit from today's possibilities provided by technology and smart brains.

The world is changing, so should the financial services industry do. I am writing from personal interest in innovation and how the financial services industry could benefit from today's possibilities provided by technology and smart brains.

The world is changing, so should the financial services industry do. I am writing from personal interest in innovation and how the financial services industry could benefit from today's possibilities provided by technology and smart brains.